United Arab Emirates
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The swathe of rights issues set to form a big part of Emea equity capital markets activity this side of the summer has moved forward this week, with the conclusion of Dubai Parks and Resorts’ deal and the launch of SSAB’s prospectus.
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Dubai banks are stepping into the loan market as Commercial Bank of Dubai refinances a $450m three year loan, while Emirates NBD nears close for its deal. -
Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.
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After 15 years in the Middle East, and nearly a decade in the role, Commercial Bank of Dubai’s head of treasury and liability management will retire in June.
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Noor Bank made its additional tier one (AT1) debut on Tuesday, raising $500m with a perpetual sukuk.
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DP World was on track to print a new seven year sukuk on Tuesday morning after receiving over $1bn of valid tenders for its existing $1.5bn 2017 sukuk.
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Emirates Islamic saw strong demand for its first guarantee-free sukuk on Monday. So keen were investors to get hold of the paper, that the issuer increased the size of the deal by $250m.
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Noor Bank is book building for a five year additional tier one sukuk which is expected as to be Tuesday's business as the market recovers from a US Federal Open Markets Committee-related spook.
